HK stocks end up for sixth straight week of gains
The Hang Seng Index ended trading for the day up 56.95 points, or 0.24 percent, at 23,601.26. File photo: RTHK
Hong Kong stocks closed roughly flat on Friday, logging a sixth straight weekly gain, underpinned by renewed listing momentum and signs of easing Sino-US trade tensions.
The benchmark Hang Seng Index edged up by 56.95 points, or 0.24 percent, to end the day and trading week at 23,601.26.
The Hang Seng China Enterprises Index rose 0.31 percent to end at 8,583.86 while the Hang Seng Tech Index fell 0.09 percent to end at 5,246.87.
China's blue-chip CSI300 Index ended 0.8 per cent lower, while the Shanghai Composite Index lost 0.9 per cent.
For the week, the Hang Seng Index was up 1.1 per cent, while the CSI300 index lost 0.2 per cent.
Hong Kong's listing market showed signs of revival in 2025, buoyed by the strong debut of battery giant CATL , which raised US$4.6 billion in the world's largest listing so far this year.
Shares of pharma giant Jiangsu Hengrui soared 25 per cent in their Hong Kong debut.
The CSI Healthcare Index edged up 0.3 per cent, bucking a broader market decline as most other sectors ended in losses.
BYD shares jumped as much as 4.6 per cent after reports showed the Chinese automaker sold more electric vehicles in Europe than Tesla.
Auto shares tracked gains and were up 1.7 per cent. Li Auto's shares rose 1.1 per cent.
Weakness in China's property sector is expected to persist this year with home prices falling nearly 5 per cent and set to remain stagnant in 2026, a poll showed.
China has lowered the ceiling of deposit rates, as authorities seek to protect banks' profit margins and discourage savings. The CSI Bank Index finished 1 per cent lower.
Xiaomi said it will start selling its YU7 electric vehicle in July. Its shares were roughly flat after the news. (Reuters/Xinhua)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
19 hours ago
- South China Morning Post
Nvidia CEO Jensen Huang charms China – but trade war fears still lurk beneath surface
On his third trip to China in a year, Nvidia CEO Jensen Huang – head of the world's most valuable company – was on a full-blown charm offensive. As a guest of honour at the China International Supply Chain Expo, Huang's visit underscored the recent thaw in Sino-US relations. Upon arrival, he announced Washington had cleared the way for Nvidia to export the H20 – a made-for-China AI chip less powerful than its gold-standard acceleration model, which was banned for export to the country in April. At the opening ceremony for the expo's third edition, Huang even swapped his signature leather jacket for a traditional Chinese tang suit, delivering part of his speech in rusty Mandarin. Offstage, he took endless media interviews, praised Chinese technology companies and AI models and posed for selfie requests, all with great patience. His charisma and optimism were on display after China and the US agreed on a framework in trade negotiations and pushed ahead with approvals for certain technology and rare earth exports. Led by Nvidia, US firms were the largest overseas contingent at the expo – with participation up 15 per cent compared to the previous edition.
South China Morning Post
a day ago
- South China Morning Post
Ex-Australian PM Morrison to address China's ‘economic coercion' at US House panel hearing
Former Australian Prime Minister Scott Morrison will testify at a US House panel hearing on Wednesday about countering China 's 'economic coercion against democracies,' the committee said on Friday. Advertisement Former US ambassador to Japan Rahm Emanuel will also testify before the House Select Committee on China. Relations with China , already rocky after Australia banned Huawei from its 5G broadband network in 2018, cooled further after Canberra called for an independent investigation into the origins of Covid-19 China responded by imposing tariffs on Australian commodities, including wine and barley, and limited imports of Australian beef, coal and grapes, moves described by the United States as 'economic coercion.' Morrison was defeated in a bid for re-election in 2022. Advertisement
RTHK
a day ago
- RTHK
Trump signs stablecoin law in 'validation' for crypto
Trump signs stablecoin law in 'validation' for crypto Donald Trump signs the "Genius Act", which will develop regulatory framework for stablecoin cryptocurrencies and expand oversight of the industry, at the White House. Photo: Reuters US President Donald Trump has signed a law to create a regulatory regime for US-dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money. The bill, dubbed the Genius Act, passed by 308 to 122, receiving support from nearly half the Democratic members and most Republicans. The law is a huge win for crypto supporters, who have long lobbied for such a regulatory framework in a bid to gain greater legitimacy for an industry that began in 2009 as a digital Wild West famed for its innovation and speculative chaos. "This signing is a massive validation of your hard work and pioneering spirit," said Trump at a signing event that included several crypto executives. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. The industry hopes they will enter mainstream use for sending and receiving payments instantly. The new law requires stablecoins to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to disclose publicly the composition of their reserves monthly. Crypto companies and executives have argued such legislation will enhance stablecoins' credibility and make banks, retailers and consumers more willing to using them to transfer funds instantly. The stablecoin market, which crypto data provider CoinGecko said is valued at more than US$260 billion, could grow to US$2 trillion by 2028 under the new law, Standard Chartered bank estimated earlier this year. The law's passage culminates a long lobbying effort by the industry, which donated more than US$245 million in last year's elections to aid pro-crypto candidates including Trump, according to Federal Election Commission data. (Reuters)
